StreetAuthority

"Each company is in the midst of near-term headwinds that are dampening 2013 profit growth, but each has a catalyst that could help them regain favor in 2014," writes Sterman.

Take Broadcom, for example. Sterman points out that the maker of communications chips was a growth juggernaut in the past decade, as sales rose from $2.7 billion in 2006 to $6.8 billion in 2010. "Since then, growth has sputtered, as sales rose less than 10% in 2011 and 2012, and are likely to grow less than 5% this year and the first half of 2014," he writes.

But as Sterman sees it, "investors are being too myopic, focusing on likely weak results over the next few quarters, and should instead be focusing on the next few years."

One of the stock's key catalysts will be a growing rollout of advanced telecom networks, known as LTE (Long-Term Evolution).

"Right now, investors are assuming that Broadcom will show little traction with this effort. Assuming a worst-case scenario, analysts at Morgan Stanley have put aside the wireless business and believe the rest of the business is worth $31 a share, roughly 20% above the current price. And what if Broadcom gains traction in LTE? If the company secures 'LTE wins in (the second half of 2014) with major customers, and maintains dominant share of connectivity,' then shares will trade up to $42, according to these analysts."

Morningstar

"Netflix has become a momentum stock," says Michael Corty, a senior equity analyst at Morningstar, during a video taped in the Website's Chicago studio. "Even CEO Reed Hastings in his recent quarterly letter referred to being concerned about investor euphoria in the shares."

Corty thinks that Netflix is "extremely overvalued," arguing that it should be worth about $180 a share.

When even the CEO is warning about euphoria, that's a good sign to take some or all the chips off the table.

MarketWatch

Currently, the average recommended equity exposure among a subset of Nasdaq-focused stock market timers tracked by the Hulbert Financial Digest (as measured by the Hulbert Nasdaq Newsletter Sentiment Index) is 93.8%, "which is tied for the highest it's been in quite some time."

To a contrarian, such bullishness often is viewed as a time to get out of the market and await a serious downturn.

But according to Hulbert, such bullishness only tells us little more than that the market is vulnerable to a short-term decline "lasting little more than a month—maybe three."

"Note carefully that this does not mean that such a pullback couldn't develop into something more major," he writes. "When the next bear market does eventually begin, of course, it will start with a short-term decline. My point instead is that, if a bear market does begin, it won't be because of exorbitant levels of bullish sentiment.

"So, yes, current sentiment situation is alarming—if you're a short-term trader. If you're a longer term investor, you should be focusing on fundamental factors rather than worrying about current sentiment levels," he concludes.